Mark Howell Announced as New Tabcorp Chief Financial Officer
LISTEN TO THIS ARTICLE:Tabcorp Holdings has named Mark Howell as its new chief financial officer (CFO), assuming the appointment receives regulatory approval.
Howell is set to assume his new position before June 2024, taking over from former CFO Daniel Renshaw, who left the company in August. Since then, Damien Johnston has filled the role on an interim basis.
Howell’s Previous Experience
Howell is making the move from Coles Group, where he has been the general manager for liquor finance and network optimization. In addition, he spent time as the general manager of group strategy, business development, and investor relations in the retail liquor network.
Prior to his time at Coles, Howell spent time in investment banking at both Rothschild and Goldman Sachs in Australia and New York. Furthermore, he spent time at Ernst and Young and has held a directorship at Queensland Venue Co since May 2019.
Mark is the perfect fit for Tabcorp as we deliver our transformation. He’s passionate about our growth story and dynamic in his thinking. Wagering is one of the most competitive industries in Australia and Mark comes from an equally competitive customer-focused industry. His experience leading finance teams at Coles and working closely with investors will be invaluable moving forward.
Disappointing Q1 Results
Howell’s appointment follows Tabcorp’s reporting of a 6.1% year-on-year revenue decline in the first quarter, despite an upturn in digital wagering turnover. The company’s wagering and media revenue fell by 5.4%, attributed to lower fixed odds yields due to racing and sports results. Although digital wagering revenue decreased by 3.9%, digital wagering turnover saw a 1.0% increase, defying softer market conditions.
Gaming services revenue also suffered, dropping 12.9% compared to the previous year. The decline was mainly due to the removal of eBet revenue after its sale in February. Tabcorp is also nearing the finalization of the sale of its Max Performance Solutions business.
Fines in Victoria and New South Wales
During Q1, Tabcorp faced regulatory challenges in Victoria and New South Wales (NSW). In Victoria, the company was fined a record AU$1.0 million due to its conduct during the 2020 Spring Racing Carnival’s Wagering and Betting System (WBS) outage. The Victorian Gambling and Casino Control Commission (VGCCC) criticized Tabcorp for inadequate information provision and non-compliance.
In NSW, Tabcorp faced a $15,000 fine for breaching advertising and promotion rules. The issue was related to a promotion on its website that was deemed an inducement to gamble, accessible to anyone visiting the site.
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